美国最大的乡村生活方式零售商拖拉机供应公司发布了其 2025 年 10-K 报告，展示了稳健的增长和战略进展。这家公司服务于休闲农民、牧场主和乡村生活方式爱好者，旗下运营拖拉机供应公司和 Petsense by Tractor Supply 两个品牌。公司在乡村社区和主要大都市地区外的小城镇中具有显著的存在，继续扩大其市场份额并提升数字化能力。
财务亮点
拖拉机供应公司报告了 2025 财年的强劲财务表现：
<ul>
<li>净销售额：155.24 亿美元，比 2024 财年增长 4.3%，主要得益于新店开业和可比店销售额增长 1.2%。</li>
<li>毛利润：56.55 亿美元，比 2024 财年增长 4.8%，毛利率因成本管理措施提高了 16 个基点，达到 36.4%。</li>
<li>营业收入：14.67 亿美元，与 2024 财年相比保持相对稳定，反映出对生产力和成本控制的严格关注。</li>
<li>净收入：10.96 亿美元，较 2024 财年略有下降，净收入率为 7.06%，而 2024 财年为 7.40%。</li>
<li>每股稀释净收入：2.06 美元，较 2024 财年的 2.04 美元略有增加，得益于股票回购。</li>
</ul>
业务亮点
拖拉机供应公司继续增强其运营表现：
<ul>
<li>业务概述：公司仍然是美国最大的乡村生活方式零售商，专注于休闲农民、牧场主和乡村生活方式爱好者的需求。</li>
<li>门店运营：截至 2025 年 12 月 27 日，公司在 49 个州运营 2602 家零售店，其中 2395 家为拖拉机供应店，207 家为 Petsense by Tractor Supply 店。计划在 2026 财年开设约 100 家新的拖拉机供应店。</li>
<li>产品组合：公司提供广泛的产品，满足乡村生活方式的需求，包括牲畜、马匹和农业产品、伴侣动物用品、季节性和休闲商品、卡车、工具和五金产品，以及服装、礼品和家居装饰。</li>
<li>数字化和电子商务：拖拉机供应公司提升了其数字化能力，在线和通过移动应用提供扩展的产品组合。公司支持全渠道购物体验，提供在线购买、店内自取、路边取货和送货上门等选项。</li>
<li>客户参与：邻居俱乐部忠诚计划是拖拉机供应公司客户参与战略的关键组成部分，推动了强大的客户忠诚度和个性化购物体验。</li>
<li>分销网络：公司在多个州运营强大的分销网络，确保商品高效流向门店和客户。位于爱达荷州南帕的新分销中心正在建设中，预计将在 2026 年第四季度开始运营。</li>
<li>运营改进：拖拉机供应公司致力于通过拖拉机价值系统持续改进，专注于提升生产力、运营效率和成本管理。</li>
<li>未来展望：公司计划通过扩大客户基础、提升数字化能力、提供相关产品组合、推动运营卓越以及追求选择性收购来实现增长，以补充有机增长。</li>
</ul>
战略举措
拖拉机供应公司概述了几项战略举措和资本管理活动：
<ul>
<li>战略举措：公司旨在通过个性化和本地化的客户互动、提升数字化能力以及在所有渠道提供相关产品组合来扩大客户基础。公司计划通过持续改进和先进的供应链能力推动运营卓越和生产力。此外，拖拉机供应公司打算通过选择性收购来增强市场渗透率并补充有机增长。</li>
<li>资本管理：在 2025 财年，拖拉机供应公司回购了约 660 万股普通股，总成本为 3.61 亿美元，并支付了总计 4.877 亿美元的现金股息。公司还在 2024 年 12 月完成了一次五股合一的股票拆分，将授权普通股数量增加至 20 亿股。公司维持了一项剩余授权为 11.3 亿美元的股票回购计划。截至 2025 年 12 月 27 日，拖拉机供应公司的未偿债务为 17.8 亿美元，专注于维持投资级信用评级。</li>
<li>未来展望：拖拉机供应公司计划在 2026 财年开设约 100 家新店，并继续投资于门店和数字技术。公司预计资本支出（扣除售后回租收益）将在 6.75 亿美元至 7.25 亿美元之间。此外，拖拉机供应公司打算在 2026 财年回购 375 百万至 450 百万美元的股票，并继续支付季度现金股息，下一次股息定为每股 0.24 美元。</li>
</ul>
挑战与风险
拖拉机供应公司面临几项可能影响其业务的挑战和风险：
<ul>
<li>战略和竞争风险：由于可比门店销售波动，受经济状况、竞争和客户满意度等因素影响，公司可能在现有门店增加销售方面面临困难。此外，商品和营销举措可能未能产生预期效果，可能导致库存过剩和库存减值。</li>
<li>运营风险：公司面临与供应链中断相关的风险，包括全球供应链问题和对第三方供应商的依赖。天气和气候风险，如极端天气条件和气候变化，也可能影响运营和财务表现。</li>
<li>监管风险：遵守不断变化的数据隐私和安全法规至关重要，因为未能保护客户数据可能损害公司的声誉并导致法律责任。此外，潜在的环境法规不合规可能对运营产生重大影响。</li>
<li>宏观经济风险：一般经济和地缘政治状况，如通货膨胀、利率变化和地缘政治紧张局势，可能对消费者支出和公司的财务表现产生不利影响。</li>
<li>技术和网络安全风险：公司容易受到网络安全攻击和系统故障的影响，这可能会干扰运营并危及敏感信息。对技术的投资，包括人工智能，必须谨慎管理，以避免运营中断并确保遵守监管标准。</li>
<li>财务风险：市场条件或信用评级的变化可能限制资本获取，影响业务运营和增长计划。公司的负债水平也可能限制可用于运营的现金流。</li>
</ul>
SEC 文件：TRACTOR SUPPLY CO /DE/ [ TSCO ] - 10-K -2026 年 2 月 19 日

全球农业 - First Trust

全球农产品股指数 ETF - iShares

全球农业 ETF - Market Vectors

拖拉机供应

农产品基金 - PowerShares

标普零售指数 ETF - SPDR

零售业 ETF - VanEck Vectors

拖拉机供应公司发布了其 2025 年 10-K 报告，强调了稳定的增长，净销售额为 155.24 亿美元，比 2024 年增长了 4.3%。该公司运营着 2602 家门店，并计划在 2026 年开设 100 个新地点。在财务方面，净收入为 10.96 亿美元，较 2024 年略有下降，同时公司回购了 660 万股股票，并支付了 4.877 亿美元的股息。未来的举措包括增强数字能力和扩大客户参与，尽管面临供应链中断和竞争风险等挑战

Tractor Supply Company, the largest rural lifestyle retailer in the U.S., has released its 2025 10-K report, showcasing a year of steady growth and strategic advancements. The company, which caters to recreational farmers, ranchers, and rural lifestyle enthusiasts, operates under the names Tractor Supply Company and Petsense by Tractor Supply. With a significant presence in rural communities and towns outside major metropolitan areas, the company continues to expand its footprint and enhance its digital capabilities.
<div class="lb-trans">美国最大的乡村生活方式零售商拖拉机供应公司发布了其 2025 年 10-K 报告，展示了稳健的增长和战略进展。这家公司服务于休闲农民、牧场主和乡村生活方式爱好者，旗下运营拖拉机供应公司和 Petsense by Tractor Supply 两个品牌。公司在乡村社区和主要大都市地区外的小城镇中具有显著的存在，继续扩大其市场份额并提升数字化能力。
</div>Financial Highlights
<div class="lb-trans">财务亮点
</div>Tractor Supply Company reported robust financial performance for fiscal 2025:
<div class="lb-trans">拖拉机供应公司报告了 2025 财年的强劲财务表现：
</div><ul>
<li>Net sales: $15,524 million, a 4.3% increase from fiscal 2024, driven by new store openings and a 1.2% increase in comparable store sales.</li>
<li>Gross profit: $5,655 million, up 4.8% from fiscal 2024, with a gross margin increase of 16 basis points to 36.4% due to cost management initiatives.</li>
<li>Operating income: $1,467 million, remained relatively stable compared to fiscal 2024, reflecting a disciplined focus on productivity and cost control.</li>
<li>Net income: $1,096 million, slightly decreased from fiscal 2024, with a net income margin of 7.06% compared to 7.40% in fiscal 2024.</li>
<li>Net income per share – diluted: $2.06, reflecting a slight increase from $2.04 in fiscal 2024, supported by share repurchases.</li>
</ul>
<div class="lb-trans"><ul>
<li>净销售额：155.24 亿美元，比 2024 财年增长 4.3%，主要得益于新店开业和可比店销售额增长 1.2%。</li>
<li>毛利润：56.55 亿美元，比 2024 财年增长 4.8%，毛利率因成本管理措施提高了 16 个基点，达到 36.4%。</li>
<li>营业收入：14.67 亿美元，与 2024 财年相比保持相对稳定，反映出对生产力和成本控制的严格关注。</li>
<li>净收入：10.96 亿美元，较 2024 财年略有下降，净收入率为 7.06%，而 2024 财年为 7.40%。</li>
<li>每股稀释净收入：2.06 美元，较 2024 财年的 2.04 美元略有增加，得益于股票回购。</li>
</ul>
</div>Business Highlights
<div class="lb-trans">业务亮点
</div>Tractor Supply Company continues to strengthen its operational performance:
<div class="lb-trans">拖拉机供应公司继续增强其运营表现：
</div><ul>
<li>Business Overview: The company remains the largest rural lifestyle retailer in the U.S., focusing on the needs of recreational farmers, ranchers, and rural lifestyle enthusiasts.</li>
<li>Store Operations: As of December 27, 2025, the company operated 2,602 retail stores across 49 states, including 2,395 Tractor Supply stores and 207 Petsense by Tractor Supply stores. Plans are in place to open approximately 100 new Tractor Supply stores in fiscal 2026.</li>
<li>Product Assortment: The company offers a wide range of products tailored to the rural lifestyle, including livestock, equine, and agriculture products, companion animal supplies, seasonal and recreational items, truck, tool, and hardware products, as well as clothing, gifts, and décor.</li>
<li>Digital and E-commerce: Tractor Supply has enhanced its digital capabilities, offering an extended assortment of products online and through its mobile application. The company supports omnichannel shopping experiences with options like buy online, pickup in-store, curbside pickup, and home delivery.</li>
<li>Customer Engagement: The Neighbor’s Club loyalty program is a key component of Tractor Supply's customer engagement strategy, driving strong customer loyalty and personalized shopping experiences.</li>
<li>Distribution Network: The company operates a robust distribution network with facilities across several states, ensuring efficient merchandise flow to stores and customers. A new distribution center in Nampa, Idaho, is under construction and expected to begin operations in the fourth quarter of 2026.</li>
<li>Operational Improvements: Tractor Supply is committed to continuous improvement through the Tractor Value System, focusing on enhancing productivity, operational effectiveness, and cost management.</li>
<li>Future Outlook: The company aims to grow by expanding its customer base, enhancing digital capabilities, offering relevant product assortments, driving operational excellence, and pursuing selective acquisitions to complement organic growth.</li>
</ul>
<div class="lb-trans"><ul>
<li>业务概述：公司仍然是美国最大的乡村生活方式零售商，专注于休闲农民、牧场主和乡村生活方式爱好者的需求。</li>
<li>门店运营：截至 2025 年 12 月 27 日，公司在 49 个州运营 2602 家零售店，其中 2395 家为拖拉机供应店，207 家为 Petsense by Tractor Supply 店。计划在 2026 财年开设约 100 家新的拖拉机供应店。</li>
<li>产品组合：公司提供广泛的产品，满足乡村生活方式的需求，包括牲畜、马匹和农业产品、伴侣动物用品、季节性和休闲商品、卡车、工具和五金产品，以及服装、礼品和家居装饰。</li>
<li>数字化和电子商务：拖拉机供应公司提升了其数字化能力，在线和通过移动应用提供扩展的产品组合。公司支持全渠道购物体验，提供在线购买、店内自取、路边取货和送货上门等选项。</li>
<li>客户参与：邻居俱乐部忠诚计划是拖拉机供应公司客户参与战略的关键组成部分，推动了强大的客户忠诚度和个性化购物体验。</li>
<li>分销网络：公司在多个州运营强大的分销网络，确保商品高效流向门店和客户。位于爱达荷州南帕的新分销中心正在建设中，预计将在 2026 年第四季度开始运营。</li>
<li>运营改进：拖拉机供应公司致力于通过拖拉机价值系统持续改进，专注于提升生产力、运营效率和成本管理。</li>
<li>未来展望：公司计划通过扩大客户基础、提升数字化能力、提供相关产品组合、推动运营卓越以及追求选择性收购来实现增长，以补充有机增长。</li>
</ul>
</div>Strategic Initiatives
<div class="lb-trans">战略举措
</div>Tractor Supply Company has outlined several strategic initiatives and capital management activities:
<div class="lb-trans">拖拉机供应公司概述了几项战略举措和资本管理活动：
</div><ul>
<li>Strategic Initiatives: The company aims to grow its business by expanding its customer base through personalized and localized customer engagements, enhancing digital capabilities, and offering relevant assortments across all channels. The company plans to drive operational excellence and productivity through continuous improvement and advanced supply chain capabilities. Additionally, Tractor Supply intends to expand through selective acquisitions to enhance market penetration and supplement organic growth.</li>
<li>Capital Management: In fiscal 2025, Tractor Supply repurchased approximately 6.6 million shares of common stock at a total cost of $361.0 million and paid cash dividends totaling $487.7 million. The company also completed a five-for-one stock split in December 2024, increasing the number of authorized common shares to 2.00 billion. The company maintains a share repurchase program with a remaining authorization of $1.13 billion. Tractor Supply's outstanding debt as of December 27, 2025, was $1.78 billion, with a focus on maintaining an investment-grade credit rating.</li>
<li>Future Outlook: Tractor Supply plans to open approximately 100 new stores in fiscal 2026 and continue investing in store and digital technology. The company projects capital expenditures, net of sale-leaseback proceeds, to be in the range of $675.0 million to $725.0 million. Additionally, Tractor Supply intends to repurchase shares in the range of $375.0 million to $450.0 million in fiscal 2026 and continue paying quarterly cash dividends, with the next dividend set at $0.24 per share.</li>
</ul>
<div class="lb-trans"><ul>
<li>战略举措：公司旨在通过个性化和本地化的客户互动、提升数字化能力以及在所有渠道提供相关产品组合来扩大客户基础。公司计划通过持续改进和先进的供应链能力推动运营卓越和生产力。此外，拖拉机供应公司打算通过选择性收购来增强市场渗透率并补充有机增长。</li>
<li>资本管理：在 2025 财年，拖拉机供应公司回购了约 660 万股普通股，总成本为 3.61 亿美元，并支付了总计 4.877 亿美元的现金股息。公司还在 2024 年 12 月完成了一次五股合一的股票拆分，将授权普通股数量增加至 20 亿股。公司维持了一项剩余授权为 11.3 亿美元的股票回购计划。截至 2025 年 12 月 27 日，拖拉机供应公司的未偿债务为 17.8 亿美元，专注于维持投资级信用评级。</li>
<li>未来展望：拖拉机供应公司计划在 2026 财年开设约 100 家新店，并继续投资于门店和数字技术。公司预计资本支出（扣除售后回租收益）将在 6.75 亿美元至 7.25 亿美元之间。此外，拖拉机供应公司打算在 2026 财年回购 375 百万至 450 百万美元的股票，并继续支付季度现金股息，下一次股息定为每股 0.24 美元。</li>
</ul>
</div>Challenges and Risks
<div class="lb-trans">挑战与风险
</div>Tractor Supply Company faces several challenges and risks that could impact its business:
<div class="lb-trans">拖拉机供应公司面临几项可能影响其业务的挑战和风险：
</div><ul>
<li>Strategic and Competitive Risks: The company may struggle to increase sales at existing stores due to fluctuations in comparable store sales, influenced by factors such as economic conditions, competition, and customer satisfaction. Additionally, merchandising and marketing initiatives may not yield expected results, potentially leading to overstocking and inventory impairments.</li>
<li>Operational Risks: The company faces risks related to supply chain disruptions, including global supply chain issues and reliance on third-party vendors. Weather and climate risks, such as extreme weather conditions and climate change, may also impact operations and financial performance.</li>
<li>Regulatory Risks: Compliance with evolving data privacy and security regulations is critical, as failure to protect customer data could damage the company's reputation and result in legal liabilities. Additionally, potential noncompliance with environmental regulations could materially impact operations.</li>
<li>Macroeconomic Risks: General economic and geopolitical conditions, such as inflation, interest rate changes, and geopolitical tensions, may adversely affect consumer spending and the company's financial performance.</li>
<li>Technology and Cybersecurity Risks: The company is vulnerable to cybersecurity attacks and system failures, which could disrupt operations and compromise sensitive information. Investments in technology, including artificial intelligence, must be managed carefully to avoid operational disruptions and ensure compliance with regulatory standards.</li>
<li>Financial Risks: Changes in market conditions or credit ratings could restrict capital access, impacting business operations and growth initiatives. The company's level of indebtedness could also limit cash flow available for operations.</li>
</ul>
<div class="lb-trans"><ul>
<li>战略和竞争风险：由于可比门店销售波动，受经济状况、竞争和客户满意度等因素影响，公司可能在现有门店增加销售方面面临困难。此外，商品和营销举措可能未能产生预期效果，可能导致库存过剩和库存减值。</li>
<li>运营风险：公司面临与供应链中断相关的风险，包括全球供应链问题和对第三方供应商的依赖。天气和气候风险，如极端天气条件和气候变化，也可能影响运营和财务表现。</li>
<li>监管风险：遵守不断变化的数据隐私和安全法规至关重要，因为未能保护客户数据可能损害公司的声誉并导致法律责任。此外，潜在的环境法规不合规可能对运营产生重大影响。</li>
<li>宏观经济风险：一般经济和地缘政治状况，如通货膨胀、利率变化和地缘政治紧张局势，可能对消费者支出和公司的财务表现产生不利影响。</li>
<li>技术和网络安全风险：公司容易受到网络安全攻击和系统故障的影响，这可能会干扰运营并危及敏感信息。对技术的投资，包括人工智能，必须谨慎管理，以避免运营中断并确保遵守监管标准。</li>
<li>财务风险：市场条件或信用评级的变化可能限制资本获取，影响业务运营和增长计划。公司的负债水平也可能限制可用于运营的现金流。</li>
</ul>
</div>SEC Filing: TRACTOR SUPPLY CO /DE/ [ TSCO ] - 10-K - Feb. 19, 2026
<div class="lb-trans">SEC 文件：TRACTOR SUPPLY CO /DE/ [ TSCO ] - 10-K -2026 年 2 月 19 日
</div>

拖拉机供应公司/DE/ SEC 10-K 年度报告